Uranium & nuclear fuel · Westinghouse (49%)
Cameco
A top-tier global uranium miner and nuclear-fuel firm that — adding a 49% Westinghouse stake (reactors, services) — spans the nuclear fuel cycle vertically from mining to reactors. It sits in the raw-material layer as AI-datacenter power demand pushes reactor restarts and new builds, and the US government's backing of $80B+ of new Westinghouse reactors (including for datacenter power) locks in long-term demand. In 2025 Westinghouse EBITDA was $780M (+61%), total revenue C$3.48B, and realized uranium price C$91/lb (+9%) — the early innings of an up-cycle.
Business categories Nuclear Power Value Chain · Power & Grid · primary Power Generation Fuel Supply · Power & Grid
CCJ Updated Jul 12, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Cameco is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 12 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue C$3.48B
- Customer concentration · Uranium C$91/lb; Westinghouse reactors.
- Segments · Uranium mining · Fuel services · Westinghouse (49%)
Revenue from
- Global nuclear power · Westinghouse (uranium · fuel services) High confidence
Uranium, conversion and enrichment fuel to nuclear plants worldwide, plus Westinghouse (49%) reactors and services. - Constellation Energy High confidence
Supplies uranium and fuel to nuclear generators like Constellation — downstream demand that rises as AI power needs drive reactor restarts. - Vistra Medium confidence
Supplies uranium and fuel to nuclear generators like vistra. - Talen Energy Medium confidence
Supplies uranium and fuel to nuclear generators like talen-energy. - NextEra Energy Medium confidence
Uranium and fuel to NextEra nuclear.Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows
Pays to
- Westinghouse investment · capacity expansion (undisclosed) Low confidence
Investment in new Westinghouse reactors — US government backing of $80B+ locks in long-term demand. - Mining · refining · fuel (undisclosed) Low confidence
Uranium mining, milling and fuel fabrication.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Entergy | lead2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +13.2 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Xcel Energy | lead2 | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| FirstEnergy | lead2 | +41.8 | +4.8 | -8.9 | +13.2 | +17.3 | +3.5 |
| WEC Energy Group | lead2 | +8.7 | -0.5 | -7 | +16.1 | +16 | +3.1 |
| Eversource Energy | lead2 | +8.2 | -5.1 | -23.4 | -2.5 | +22.9 | +1 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| NextEra Energy | lead1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| Talen Energy | lead1 | · | · | · | +214.8 | +86.1 | +1 |
| Vistra | lead1 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Constellation Energy | lead1 | · | · | +37.2 | +92.7 | +58.8 | -15.3 |
| Cameco | node | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | -3.7 |
YTD as of 2026-10-09 · source: Yahoo Finance
Cameco operates across NYSE, Uranium & nuclear fuel, Westinghouse (49%). It is +10.1% in 2026. The stock (+10.1%) and its demand side (avg -7.8%) are moving in step. Among connected nodes the furthest ahead is NextEra Energy (+6.2%) and the furthest behind is Talen Energy (-15.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. In 2025 Westinghouse EBITDA was $780M (+61%), total revenue C$3.48B, and realized uranium price C$91/lb (+9%) — the early innings of an up-cycle.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $125 · Price $88.198 (10-10) · Upside +42%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs · Brian K. Lee | Buy | $133 | Jul 1, 2026 | Report ↗ |
| RBC Capital Markets · Andrew Wong | Outperform | $124 | Jun 29, 2026 | Report ↗ |
| UBS · George Eadie | Neutral | $117 | Jun 18, 2026 | Report ↗ |
Goldman Sachs and RBC keep raising targets on Western nuclear expansion and the uranium long-term contracting cycle, keeping the Buy consensus firm, while UBS holds Neutral with a modest target bump.
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026
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